This is the 7th consecutive time that Bitcoin price had plunged drastically since its ATH last month. For the time being, Bitcoin seems to going back on its feet and trading at $37K. However, some investors like Cathie Wood from Ark investment have forecasted that the flagship cryptocurrency would only move upwards after it has gone down about 50%. For some time, a lot of panic and fear got hold of the market, and many investors started to dissolve their long positions.
Such tactics further dropped down the price of the leading digital asset. Meanwhile, it soon became apparent from Glassnode analytics that institutional investors are busy buying the dip. For the most part, retail investors are not sure where the market is headed. However, crypto influencer Willy Woo claims that bull lap is far from over. Woo took to Twitter, sharing another data projection from Glassnode that compares the number of Bitcoin users in 2017 and the present year.
Bitcoin Bull Run is only Getting Started, claims Bitcoin Analyst Willy Woo
Woo also mentioned in his tweet that considering a consistent doubling of Bitcoin users every year since the cryptocurrency was first introduced 12 years ago. It can be deduced that for this year the number is only getting warmer. He further explained that due to the mainstream adoption, the interest of financial enterprises, and monetary devaluation, the expectation for an increase in the number of users is many folds higher.
Woo further explains that this data also suggests that HODlers buy Bitcoin dip and send it to cold wallet storage for a long-term investment endeavor. Ever since, the three major associations in China, namely National Internet Finance, Banking, and Payment and Clearing, have decided to comply with the 2017 ban imposition that prevents all financial institutes from catering to customers that are dealing in cryptocurrency. The price mark for Bitcoin went down 11% in 24 hours.
German Gold Investor Claims that Bitcoin Outflows are Positively Encouraging
Marc Friedrich is a precious metal trader, author, and crypto enthusiast. Recently the Bitcoiner posted on Twitter that the close inspection of exchange outflows for Bitcoin is ramping up the market for a positive appreciation. In his tweet, he also shared a chart compiled by crypto data aggregator service Glassnode. The chart indicates that Bitcoin outflows rose in quantity last time when its prices surged in March last year.
It should be noted that at that time, Bitcoin price was undergoing a crisis as the WHO declared COVID-19 as a global pandemic. Friedrich also shared a meme-based tweet referencing ‘Brave heart’ a few days ago, calling for all the Bitcoiners to show courage and hold onto their Bitcoin holdings. On the other hand, after a series of demeaning tweets, Tesla CEO Elon Musk also shared diamond hand emojis, which symbolize the act of holding reserves against all odds.